In The News: Taxes

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Will ‘millionaires’ tax?’ appear on 2018 ballot? We’ll find out Wednesday

Jun 13 2017

By Michael Levenson, The Boston Globe

“This proposal, unfortunately, combines questionable benefits with an extraordinary level of risk,” the Massachusetts Taxpayers Foundation wrote in a withering analysis of the proposal released Monday.
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'Millionaire's tax' could backfire, group warns

Jun 13 2017

By Michael Norton, State House News Service / The Lowell Sun

"The millionaire's tax does not align with the state's economic interests because it taxes talent -- Massachusetts' principal competitive advantage," the analysis says. "The appeal is easy to understand -- it is projected to raise almost $2 billion per year; does not require legislators to take a vote on a tax increase; and targets a small number of wealthy taxpayers. But as the old adage suggests, if it sounds too good to be true, it probably is.
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Business-backed group says proposed tax would chase away top earners

Jun 12 2017

By Michael Levenson, The Boston Globe

But the foundation says the amendment would “tax talent – Massachusetts’ principal competitive advantage.” “The appeal is easy to understand — it is projected to raise almost $2 billion per year; does not require legislators to take a vote on a tax increase; and targets a small number of wealthy taxpayers,” the foundation says in its report. “But as the old adage suggests, if it sounds too good to be true, it probably is.”
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Business advocates gear up for legal fight against ‘millionaires tax’ proposal

May 26 2017

By Jon Chesto, The Boston Globe

Other influential business groups — such as the Massachusetts Taxpayers Foundation, Associated Industries of Massachusetts, and the Massachusetts Competitive Partnership — also oppose the labor-backed surcharge. Among their strategies: filing a lawsuit later this year that challenges its constitutionality.
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Millionaire’s Tax Proposal Moving Ahead in Massachusetts

May 17 2017

By Aaron Nicodemus, BNA

The Massachusetts Taxpayers Foundation has been fighting the amendment, arguing the additional tax could hurt the economy by “driving the risk-takers, investors and entrepreneurs out of state,” said the foundation’s president, Eileen McAnneny. “It could hurt the state long-term, as well, when college students inventing the ‘next big thing’ choose to start elsewhere,” she told Bloomberg BNA.
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Pennsylvania tech sector rallies against proposed tax

May 9 2017

By Courtney Linder, Pittsburgh Post-Gazette

Connecticut taxes computer services at 1 percent, Hawaii and South Dakota at 4 percent, and New Mexico at 5 percent, according to a 2013 study by the Massachusetts Taxpayers Foundation. The independent research organization created a 50-state database to compare tech taxes after Massachusetts’ 2014 budget proposal introduced what would have been the most burdensome tech tax in the country, Mr. Kennedy said.
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EDITORIAL: Governor, take a stand: 'Fair Share' is a bad idea

Jan 13 2017

The Lowell Sun

On Monday the Massachusetts Taxpayers Foundation released an analysis that echoed our editorial on Thursday: That high-income taxpayers will vote with their feet and move out of state with their money if the millionaire's surtax is approved. The analysis also suggested lawmakers would spend the money to fill budget gaps, rather than earmark the money for education and capital improvements as planned, State House News reported.
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Lawmakers could tap emergency fund for pot regulation

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Nov 30 2016

By Joshua Miller, The Boston Globe

“If you don’t have a funding source — which they don’t — and you have a tight budget — which they do — the stabilization fund is really your only option,” she said. “Unfortunately, the ballot initiative did not provide a funding mechanism for all those upfront costs.” Still, McAnneny emphasized, the money must be a loan that is paid back soon after pot tax revenue begins flowing. And the terms and conditions of that loan have to be transparent, so fiscal watchdogs like bond rating agencies know the money will be repaid and available for tough fiscal times.
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Mass. sales tax collections fall for first time in 3 years

Jul 28 2016

By Jon Chesto, The Boston Globe

“There are certainly some signs that things are slowing down,” said Eileen McAnneny, president of the Massachusetts Taxpayers Foundation. “The sales tax is the second-largest source of tax revenue for the Commonwealth. If it’s going down, we need to be paying careful attention to that.”
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Poll Shows Support For " Millionaires' Tax" In Massachusetts

Apr 26 2016

By Paul Tuthill, WAMC Public Radio

Eileen McAnneny, president of the Massachusetts Taxpayers Foundation, said the best way for the state to collect more tax revenue is to help the economy create more jobs. " Grow the base, so you don't increase the tax rates, but increase the number of people subject to them," she said. " A robust economic development strategy is one way to help grow revenues."
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